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My clients are a married couple who wish to transfer properties into separate trusts for each of their two children. The husband and wife will be joint trustees and the value of each trust will be in excess of £1m.
The couple must have total control over each trust and be in a position to claim holdover relief regarding capital gains tax liability on the transfers. All properties in question are owned equally by the parents.
I would be obliged if Taxation readers would recommend the type of trust that will meet the above requirements.
Query 19 319– Trustworthy.
Reply by Griff
Almost inevitably the settlement will be a relevant property trust.
Usually the most appropriate models for this scenario are straightforward discretionary trusts in which the settlors themselves are appointed as trustees from the outset and then vested with wide discretionary powers to benefit their children together with a wider class of...
